In this question, we are required to find the total amount he paid to buy the shirt.
It is given that sales tax is 5.5 % over the amount paid.
The cost price of the shirt = $ 24.
The total amount will be = Cost price + 5.5 % of Cost price
Or
Total amount paid = $ 24 × 1.055 (i.e. 100 % + 5.5 %)
Total amount = $ 24 + (5.5 % × $ 24)
Total amount paid = $ 24 + $ 1.32 = $ 25.32
Answer:
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Step-by-step explanation:
Here is the complete question
A nominal interest rate of 5%
A real interest rate of 5%
A real interest rate of 3%
A nominal interest rate of 3%
Answer:
A real interest rate of 5%
Step-by-step explanation:
A real interest rate of 5% is the best option for oscar. The nominal rate of interest is a type of interest rate that shows the increase in in percentage of money without the depreciation discount that is usually caused by inflation or the payment of tax.
The real rate of interest shows the real increase in the money that has been paid for an investment. This is after inflation has been discounted and all forms of taxes have been paid.
So oscar should invest his $4000 on a savings account whose real interest rate is 5% per year
